We’re Burying Our Kids in Debt (Just Not the Way You Think)
By Eleni Schirmer, NY Times| 8/2021
Before we can even think about COVID safety protocols, we need to first repair the decades old infrastructure our kids will be returning to. Many schools in the country, especially schools in low-income and majority-POC communities, are crumbling, with leaking plumbing, chipping paint, and asbestos-infested walls. Our public schools are struggling just to keep the lights on.
To address these problems, schools are taking out loans from financial markets. However, loans are reliant on the creditworthiness of these schools. In the eyes of the market, low-income communities are “riskier” (based on property values and residential income) and are given higher interest rates and fees in order to borrow from these markets. This means that borrowing money only perpetuates the cycle of austerity and the underfunding of schools in POC communities.
Our schools should not be worrying about how to keep the lights on, let alone paying back loans. Why do we allow our schools to fall back so far behind? Why do we never prioritize our kids’ education? This inequity gap is increasing more and more, we need to start changing course and start behaving like we actually care about our students, and soon. Read More